According to analysis released by the official CryptoQuant account, the recent Bitcoin price and market surge is generally just a warm-up for more significant moves to come in the future.
A bull market is about to hit the market
The cryptocurrency market is about to enter a prolonged bull market that qualitatively resembles the rally that started in 2021, according to a graphic published on a Twitter account. Movement of goods over the network.
Following an extended bear market and the establishment of new lows, activity levels are likely to rise within a week to a month of supply. This is the condition to initiate lateral movement.
Cryptoquant: Don’t Get Too Optimistic Yet
However, we are unlikely to see an explosive uptick anytime soon, especially since there are not enough funded or leveraged positions in the market to trigger a volatile move. On the other hand, the current turnaround could lay the groundwork for next year’s expansion.
Bitcoin could experience a retracement at any time due to unfavorable macroeconomic factors such as rising interest rates and the possibility of further rate hikes that keep investors out of the market. has not yet shown any signs of confirming
The value of the first cryptocurrency has fallen 2.7% in the last 8 hours, down to $23,523 as of this writing.
What does today’s chart show?
Bitcoin, the most famous digital asset, has made quite a few headlines this week. The bearish-moving asset is now consolidating above the $23,000 mark as the tremendous asset appears to recover.
However, Bitcoin, which is trading at $23,194 at the time of writing, is down 1.2% from its previous 24-hour price.
However, the trading volume registered a 22% increase in 24 hours to reach $26,688,826,770. Bitcoin currently has a fully diluted market cap of $486,854,868 with a circulating supply of 19,277,125 BTC.